In what is maybe the most surprising outcome of 2020, home sales in Canada actually set a new record last year with over 530,000 homes sold. Not only did 2020 outpace 2019 by almost 13%- it also beat the previous record year, 2016, by 2.3%. Here’s a quick rundown.
Although the lockdowns in the spring practically halted home sales nationwide, they came back with a vengeance. One reason for this is falling interest rates this year, which make mortgages easier to finance for potential homeowners.
Another factor is a relatively low supply of homes compared to the demand. In December, Canada only had some 100,000 homes on the MLS, which was actually the lowest number on record, too. The final record, related to this? Average home sale price soared to $607,280 in December, which represents a 17.1% increase from 2019.
So really, it’s been a bizarro year for Canada’s housing market. We guess that lower mortgage rates offset higher prices, which is good news for both owners and buyers? It’s a one-two punch!
That’s just our unprofessional opinion, though. To read what the actual big dogs have to say about home sales in Canada last year, just click here. Enjoy the day, folks!